On November 26, Alibaba was listed in Hong Kong stocks today. Yesterday, the dark market closed up 4.94% to HK $184.7. U.S. stocks rose 1.99% overnight, with a final offer of US $190.44, equivalent to HK $186.3146 for Hong Kong stocks, up 5.86% relative to the offering price of Hong Kong stocks. Today, Alibaba opened 6.25% higher in Hong Kong stocks, offering HK $187, with a total market value of HK $3999.3 billion, exceeding Tencent's HK $3257.3 billion.
Alibaba is priced at HK $176 per share, which is equivalent to US $180 for us shares, with a discount of about 2.6% compared with the closing price of us shares of US $184.86 last Thursday. Since Ali came to Hong Kong for a second listing and shares in Hong Kong and the United States are common, the difference between Ali's local quotation and the United States will eventually narrow rapidly.
Ali's IPO results show that the public offering was over 40 times oversubscribed. One hand can be obtained by applying for five hands, and the winning rate of investors applying for one hand (100 shares) is 80%. Ali issued a total of 500 million shares this time, and the offering price was set at 176 yuan. Due to the ideal response of the public offering, after the callback mechanism was started, the public offering proportion increased from 2.5% to 10%, and was distributed to 195710 successful applicants. Ali clearly stated that it would use all the excess allotment rights and issue more than 75 million shares, with a total capital raised of 101.2 billion yuan.
Yaocai Securities Research Department estimates that Hong Kong's Ali shares have only a discount of about 2.6% compared with US stocks, but after deducting about 1% of the transaction cost of Hong Kong stocks, the profit margin is only about 1.6%. However, the bank believes that after Ali's listing, it may drive the turnover of Hong Kong stock market to increase by about 10%.
Zhi Yaohui, director of yaocai securities research department, said that in fact, Ali has long been listed in the United States. Since Ali's listing price in Hong Kong closely follows that in the United States, the stock price discount is not large. If investors are optimistic about the long-term trend of Ali, they should have bought Ali in the United States. If he subscribed for the shares this time, Zhi Yaohui suggested that investors could buy them before listing if they did not have any shares in hand.
In terms of basic factors, he pointed out that Alibaba's business is good, especially in the "cloud business", which is the top market share in the mainland. This is definitely the selling point of the stock. In addition, the mainland is expected to continue to provide policies to stimulate domestic demand, which will help Alibaba's performance. As a "fan" of Tencent (0700), he frankly said that Ali may be better than Tencent in some aspects. He believes that gathering two leading technology stocks is also a good investment strategy.
Tang Lihong, director of Anli securities research department, believes that Alibaba's enthusiastic subscription shows that market funds are very interested in new economic stocks and have the opportunity to drive the popularity of other technology stocks. It is expected that new economic stocks such as Tencent and meituan (3690) will benefit.